An ugly earnings report from a competitor is good news for Abbott Labs

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET.

Here's a recap of Friday's key moments. Stocks jumped Friday as Wall Street tried to end a turbulent week on a jubilant note. The Dow Jones Industrial Average added more more than 600 points, or 1.

6%. The S & P 500 and Nasdaq Composite added 1% and 0.75%, respectively.

Among the biggest winners in Friday's market are companies, such as Club name Stanley Black & Decker , that would see an outsized benefit from a Federal Reserve rate cut. The advances follow an encouraging inflation report Friday morning that keeps the stage set for the U.S.

central bank to cut rates at its September policy meeting. With Friday's surge pushing its week-to-date gains to roughly 10%, we trimmed our Stanley Black & Decker position . In the wreckage of Dexcom 's second-quarter earnings report, there's good news for Club holding Abbott Laboratories .

Shares of Dexcom are tanking 40% Friday after the diabetes management firm delivered weaker-than-expected revenue for the April-to-June period and slashed its full-year sales guidance. Dexcom and Abbott compete in the continuous glucose monitor (CGM) market, and we just heard from Abbott that sales of its CGM device, FreeStyle Libre, were up 20% in the second quarter, to $1.6 billion.

Dexcom chalked up its issues to factors including salesforce restructurings and higher-than-expected rebate uptake for its new G7 CGM. Whatever the case, the compan.